Natural Beta Carotene Market Analysis and Value Forecast Snapshot by End-use Industry 2019-2027
Natural beta carotene is a reddish-orange colored pigment, which naturally occurs in colored fruits and vegetables. It is most abundantly found in carrots, pumpkins, winter squash, etc. However, for commercial purpose, natural beta carotene is voluminously sourced from the algae dunelialla salina. This alga contains carotenoids such as natural beta carotene which is pink in color and serves its application as a colorant in the food industry. Natural beta carotene is a key ingredient in a human diet, given its ability to metabolize vitamin A. Natural beta carotene is regarded as a highly meritorious due to its multi-faceted benefits such as the presence of antioxidants, the ‘free-from’ and natural tag and sustainable procurement. These benefits of natural beta carotene are supported by a huge demand for fortified products.
Consumers shifting away from the traditional diet pills and supplements is a significant factor driving the growth of the natural beta carotene market. Women, who are increasingly focusing on adopting a healthy and natural diet for the skin rejuvenation, are the foremost target consumers in the natural beta carotene market. The increasing health consciousness amongst consumers also provides a firm platform for the natural beta carotene market to grow. Natural beta carotene is widely used in dietary supplements and consumer tilt towards fitness regimes also allows market growth for natural beta carotene. Currently, the processed food segment occupies a lesser share in the natural beta carotene’s end-use industry as compared to the fortified beverage industry. Beverages are the easiest modicum for the consumption of natural beta carotene. The APAC is the potential market for the growth of the natural beta carotene. As Australia is a geologically important region for the natural beta carotene market, neighboring regions have become automatically become target markets. Lower freight costs and storage costs have opened avenues for the natural beta carotene market in Australia’s neighboring regions. South Korea makes up nearly 50% of the natural beta carotene demand produced in Australia. Other countries such as Malaysia, Indonesia, and Japan have also exhibited rapid progress in the carotenoids industry, which is likely to boost the natural beta carotene market growth. India and China have demonstrated immense market potential in fortified beverages market which concurrently aids the natural beta carotene market to grow.
The growing demand for natural beta carotene in the fortified food industry is mainly nourished by the research divisions of the natural beta carotene manufacturers. Some of the global key market participants operating in the natural beta carotene supply chain are Kanegrade Ltd., The Pioneer Enterprise, Vinayak Ingredients India Pvt Ltd., Koninklijke DSM N.V., The Bangalore Sales Corporation, Index Pharma LLP, ColorMaker, DDW, The Colour House and BASF SE
Algal protein is a prominent category which is forecasted to grow at a fast pace in the developed regions. Hence, similar ingredients such as natural beta carotene have abundant opportunities. This prospect can be met by Oceania’s expanding its export base for natural beta carotene in the developed regions. Due to a surge in the demand for natural beta carotene, expansion of production capacities of natural beta carotene is also a sustainable option to tap into the market potential.